SDG&E; Posts 1st-Quarter Earnings of $60.8 Million

Buoyed by the $24.6-million sale of its remaining 20% interest in San Diego-based Energy Factors, SDG&E; reported that earnings rose 35% to $60.8 million for the first quarter ended March 31. Revenues fell 3% to $433.8 million, largely because of plunging oil and natural gas prices, company Chairman, President and Chief Executive Thomas Page told shareholders at the utility’s annual meeting Tuesday.

Although last week’s announcement that San Diego Gas & Electric would not create a holding company dulled the annual gathering, Page pledged that the company would nonetheless move forward on diversification into non-utility businesses.

“We will reconsider the holding company structure,” Page said. “We are disappointed but not deterred . . . (and will pursue) diversification in a constrained, diligent and cost-conscious manner.”